Capital gains tax (CGT) may be due when you sell a second home or a property that has not been occupied as your main home for the entire period of ownership.
As a landlord you may have lost income during the pandemic as tenants have left or gone into liquidation. Council tax (for residential properties) and business rates (for commercial premises) remain payable when a building is empty but there may be reliefs available.
We have often heard the phrase, ‘my property is my pension’. People tend to have different plans for retirement. As life expectancy has continually increased for the UK population over the past decades, it follows that the thought of ensuring a decent quality of life post retirement is considered.
A new online system for paying and declaring CGT within 30 days of completion for sales of residential property was introduced from 6 April 2020. CGT online applies to all sales of UK homes where exchange and completion occurred after 5 April 2020. Sellers who are not tax-resident in the UK must report all UK…